The Critical Difference Between a Virtual CFO and an Accountant
When you start your own business, you want to be sure that you're choosing the right partner for all of your needs--including the number-crunching ones.
Since running the numbers isn't your strongest suit, you should outsource these critical tasks to an expert. This may mean getting help developing and managing your budget, creating financial forecasts, helping prepare your taxes, and more.
As you're deciding, however, you may find yourself wondering, "What's the difference between a virtual CFO and an accountant?"
Answering that question will allow you to make a better choice regarding the partnership that will work best for your business.
A Virtual CFO, a Virtual Partner
When you choose a virtual CFO, you aren't just choosing someone to take care of the numbers side of the business. A virtual CFO will come alongside your business as a strategic partner, working with you to ensure that you understand how your money is working for you and how you can transform your future efforts in order to ensure higher levels of success for your company.
They'll help you make the right decisions about investments, examine your spending, and even make recommendations about details like how to raise capital for projects or secure funding for a startup.
Better Understanding of Your Finances
Thanks to your virtual CFO, you'll have a better understanding of your finances than ever. Rather than shuffling through the numbers, wondering whether or not they look like they should, you'll get a financial adviser with genuine financial expertise. They will walk you through some of the tight spots you'll face in the early years of your business or to help you through difficult financial times.
When things are going well, a CFO can help you raise additional capital for larger ventures. They can also help you decide how to save that money for future difficulties. While an accountant will often simply balance the numbers that are already there, your virtual CFO will work with you to predict your future needs.
This will better prepare your business for the growth that you've always wanted.
Financial Industry Experience
You've spent years building your experience and a knowledge base for your industry. You need someone to help manage your finances who has equal experience in that arena--and a virtual CFO will provide exactly that. You'll get real advice about market standards, strategic planning, and even the financial relationships that help keep your business afloat. You'll also find that your virtual CFO is typically available when you need them most, ready to answer your questions and provide you with advice in a timely manner.
Which Choice is Right for You?
If you just need someone to crunch the numbers and make sure that your taxes are filed appropriately, an accountant will probably serve most of your financial needs. On the other hand, if you're looking for a strategic partner who can help grow your business, a virtual CFO is a wise investment that will help position you more effectively for the future needs of your company.
Accountants focus on providing advice about your tax situation and bookkeeping; virtual CFOs do all of that but also work with your company to ensure a wider range of financial needs are covered.
If you're ready to see just how much your company can grow in the coming years, it's time to find a virtual CFO who is ready to help you achieve your dreams. By working with a virtual CFO like Numbersowl, you'll get timely financial advice that will transform your company without having to invest in a full-time employee. This is the best of both worlds for many businesses, including cash-strapped startups that need advice to help them move forward.
If you're ready to transform your business, contact us today to learn more about the key advantages you can experience.